Press Releases
Marcus & Millichap Announces $4.2 Million Sale of Riviera Beach Industrial Facility
June 19, 2024
RIVIERA BEACH, Fla., June 19, 2024 – Marcus & Millichap (NYSE: MMI), a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced today the sale of World Electric, a 25,000-square-foot industrial facility in Riviera Beach, Florida. The asset sold for $4,200,000.
“This trade illustrates the continued demand for industrial properties throughout South Florida,” said Zach Levine, associate. “Well-located industrial assets continue to demonstrate signs of strength, with exceptionally low vacancy rates and increasing rental rates,” Levine continued.
Douglas Mandel, Zach Levine and Josh Gilbert, investment specialists in Marcus & Millichap’s Fort Lauderdale office, had the exclusive listing to market the property on behalf of the seller, Spottswood PB, LLC, and secured the buyer, Redfearn Capital Acquisitions LLC.
Located at 6780 White Drive, this fully occupied property features a 25,000-square-foot building on a 2.1-acre lot. The facility includes six dock loading bays, one drive-in door, a retail storefront area, office space, and nearly 1.5 acres of outdoor storage. The sole tenant, World Electric, operates under a triple-net lease and holds a significant position within the esteemed Sonepar Group, a distinguished independent family-owned company that leads the global B-to-B distribution of electrical products, solutions, and related services.
“This trade illustrates the continued demand for industrial properties throughout South Florida,” said Zach Levine, associate. “Well-located industrial assets continue to demonstrate signs of strength, with exceptionally low vacancy rates and increasing rental rates,” Levine continued.
Douglas Mandel, Zach Levine and Josh Gilbert, investment specialists in Marcus & Millichap’s Fort Lauderdale office, had the exclusive listing to market the property on behalf of the seller, Spottswood PB, LLC, and secured the buyer, Redfearn Capital Acquisitions LLC.
Located at 6780 White Drive, this fully occupied property features a 25,000-square-foot building on a 2.1-acre lot. The facility includes six dock loading bays, one drive-in door, a retail storefront area, office space, and nearly 1.5 acres of outdoor storage. The sole tenant, World Electric, operates under a triple-net lease and holds a significant position within the esteemed Sonepar Group, a distinguished independent family-owned company that leads the global B-to-B distribution of electrical products, solutions, and related services.
# # #
About Marcus & Millichap, Inc. (NYSE: MMI)
Marcus & Millichap, Inc. is a leading brokerage firm specializing in commercial real estate investment sales, financing, research and advisory services with offices throughout the United States and Canada. As of December 31, 2024, the company had 1,712 investment sales and financing professionals in over 80 offices who provide investment brokerage and financing services to sellers and buyers of commercial real estate. The company also offers market research, consulting and advisory services to clients. Marcus & Millichap closed 7,836 transactions in 2024, with a sales volume of approximately $49.6 billion. For additional information, please visit www.MarcusMillichap.com.
